News
Capital capacity remains in reinsurance market as Solvency II hits
Excess capacity in reinsurance will continue through 2016 with European companies already factoring Solvency II into their buying strategies, according to analysis from Guy Carpenter.
Acquisition gives Aston Scott its 13th office
Aston Scott has completed its acquisition of Essex-based First Commercial today (8 January)
Fresh direction for Norwegian Hull Club as new CEO takes the reins
Marine insurer Norwegian Hull Club’s new CEO Faz Peermohamed will review the club’s offering in a bid to identify new opportunities.
Industry facing 108% COR for 2015 as floods wreak havoc on home profits
Insurers’ profitability for home insurance in 2015 has been put into freefall by the intense period of wet weather in December, with combined operating ratios for the year estimated to have deteriorated 16 percentage points to 108%.
Thousands of policyholders see refund from Iceland-based Eric
More than 2600 customers of the failed Iceland-based insurer European Risk Insurance Company (Eric) have received premium refunds from the Financial Services Compensation Scheme.
MSIG-led D&O consortium offers £51m line size in 2016
MSIG at Lloyd's is to provide a commercial directors' and officers' liability line size of $75m (£51.3m) through the Mitsui Sumitomo Insurance Group-led excess D&O consortium at Lloyd's in 2016.
Quiz of the week - 8 January
Test your knowledge of the week's insurance news with the Post insurance quiz of the week.
Detail on AIG strategy to be revealed
AIG will provide a strategy update and release its fourth quarter results on 26 January, following a number of cost-cutting measures last year in a bid to save up to $500m (£341m).
Ace announces future Australia management team
Ace has announced the leadership team in Australia once the acquisition of Chubb is completed.
Henderson poaches Bluefin exec Robinson to head Harrogate office
Leeds-based broker Henderson Insurance Broking Group has opened a new Harrogate office, taking its total national network to 14 offices.
FCA head McDermott out of running for top job
The Financial Conduct Authority has confirmed Tracey McDermott had ruled herself out of the top job at the regulator, following comments by Chancellor George Osborne today (7 January).
Covéa confirms completion of Sterling integration
Sterling Insurance is no longer a separate trading entity having formally integrated into Covéa Insurance on 1 January 2016.
IUA sets up D&O group for company market underwriters
The International Underwriting Association has established a London company market group for directors' and officers' underwriters.
Ifed inquiry leads to jail time for income protection fraudster
A 28-year-old man has been jailed for more than three years after he attempted to defraud two insurance companies out of £97,824 for lost income for a job he never had due to an illness he falsely claimed to be suffering from.
Aviva investigation puts brakes on party bus claimants
Aviva has successfully quashed attempts by passengers on a double-decker ‘party bus’ to erroneously claim more than £250,000 for whiplash injuries supposedly caused by a minor collision.
UK floods to 'significantly weaken' 2015 earnings, says Fitch
Ratings agency Fitch said the impact from recent flooding in the UK could weaken earnings for some firms and take the year combined ratio above 100%.
Gang of eight convicted in motor fraud
A crash-for-cash scam, which saw insurers pay out more than £120,000 to fraudsters, has seen another man convicted of conspiracy to defraud.
MSIG Singapore to review haze exemption in travel policies
MSIG has promised to review its "travel inconvenience" sections after being criticised for not covering passengers delayed by widespread haze from Indonesia last year.
Principal buys IGO4's motorcycle book
Principal Insurance has bought Bike Team from IGO4 Partners bringing a book of 5000 bike policyholders to the Manchester-headquartered business.
Ex-Brightside director Jackson reunites with former Towergate colleague Brown
Keith Jackson is to reunite with ex-Towergate colleague Scott Brown at the latter’s latest venture, Accelerate Underwriting, Post can reveal.
Ageas takes from Zurich and promotes from within for New Year reshuffle
Ageas has made moves in underwriting and broker development, with Niraj Shah moving from chief actuary to underwriting director and Joel Markham back from Zurich to head regional broker development.
Ryan Direct Group buys Midas Underwriting
Insurance services business Ryan Direct Group has entered into agreement to acquire Northern Ireland-based managing general agent Midas Underwriting.
PIB hires Towergate's Brown as CFO
PIB Insurance Brokers has appointed Towergate Underwriting finance director Ryan Brown as its chief financial officer.
Crawford opens Carlisle office to support flood victims
Loss adjuster Crawford & Company has opened an office in Carlisle in Cumbria to support community members impacted by recent flooding.